OLEOCHEMICALS MARKET ANALYSIS

Oleochemicals MarketSize and Trends

The global oleochemicals market size was valued at US$ 22.66 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.9 % from 2023 to 2030. The oleochemicals market is growing due to the rising demand for environmentally friendly chemicals. These green chemicals are a suitable substitute for products derived from petroleum, as they have low levels of toxicity and can be sourced from renewable feedstocks. They are also cost-efficient, owing to which they are becoming an ideal choice for manufacturers of detergents, printer inks, oils and greases, lubricants, pesticides, cosmetics, food additives, and other chemicals.           

Global Oleochemicals Market Trends:

Increasing adoption in food and beverage sector is a recent trend

Oleochemicals can also be used in the manufacture of food and beverages. For example, oleochemicals are used as thickeners, stabilizers and other food additives in the production of processed foods and beverages. The animal nutrition segment is another rapidly growing application of oleochemicals. Moreover, the use of oleochemicals in animal feed is also beneficial to the health of animals as they provide a high source of energy, improve digestibility and promote antimicrobial activity.

Ongoing research and development activities

Companies are focusing on research & development to develop innovative products in order to increase their profit margins. For instance, in June 2018, Wilmar International Ltd. and National University of Singapore (NUS) announced the joint establishment of research facility worth USD 100 million in order to carry out research related to green production technologies for industrial enzymes and biochemical including oleochemicals.